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- SAGIA Governor Ibrahim Al-Omar and PepsiCo Chairman and CEO Ramon Laguarta meet to highlight food & beverage investment opportunities in Kingdom
- PepsiCo commends Saudi Arabia’s recent economic reforms and signals future investments by the company and its local partners of more than SAR 6 billion over the next five years
Riyadh, 18 February 2020 – His Excellency Ibrahim Al-Omar, Governor of Saudi Arabia General Investment Authority (SAGIA), met PepsiCo’s Chairman and Chief Executive Officer, Ramon Laguarta. Their discussion at SAGIA Riyadh headquarters focused on Saudi Arabia’s recent reforms, and its status as global destination for investment, driven by Vision 2030.
Mr. Laguarta highlighted PepsiCo’s more than 60 year history as a corporate leader in the market and the PepsiCo system’s ongoing commitment to the Kingdom. In the last seven years, PepsiCo and its local partners have invested SAR 11.4 billion and anticipates further investment of SAR 6 billion over the coming five years.
His Excellency Ibrahim Al-Omar, Governor of SAGIA, commented,
“Saudi Arabia continues to present attractive opportunities for international investors as it undergoes an unprecedented economic transformation. We’re delighted today to shine a spotlight on PepsiCo who – for over 60 years – has contributed significantly to the Kingdom’s economy, by investing in the local workforce, knowledge transfer and infrastructure, while benefiting from the diverse opportunities that Saudi Arabia offers. PepsiCo represents a prime example of a close and reciprocal partnership founded on values of innovation, diversification and sustainable growth.”
Ramon Laguarta, Chairman and Chief Executive Officer of PepsiCo, also commented:
“Saudi Arabia has been a strategically important market for PepsiCo for more than 60 years. Today, we proudly employ 8,000 people in the Kingdom, with a Saudization rate of over 40 percent in certain business units – which means our products are made by Saudis, in Saudi, and for Saudi. We are also proud to support the Kingdom’s ambitious Vison 2030 with our investments in the local economy, our commitment to women’s empowerment, and our efforts to reduce environmental footprint. With 10 years left to realize Vision 2030, PepsiCo will work hand in hand with the people of Saudi Arabia to create an even brighter future for the Kingdom.”
Women’s empowerment has been a critical pillar of PepsiCo’s social responsibility work for nearly a decade. Most recently, the company launched the Tamakani (empower) platform, in line with Vision 2030, to provide mentorship and career development opportunities for Saudi women. Through a partnership with Injaz Al-Arab, the company commited SAR 700,000 to help female entrepreneurs create viable business ventures in the food and beverage industry. PepsiCo plans to invest an additional SAR 1.8 million in 2020 to further empower Saudi women through its Tamakani platform.
Over the next four years, The PepsiCo Foundation, the company’s philanthropic arm, expects to invest nearly SAR 16 million in social impact programs with a focus on women and youth empowerment. This fund will also be dedicated toward sustainability projects tackling water conservation and plastic waste management.
Speaking with His Excellency Ibrahim Al-Omar, Mr. Laguarta highlighted PepsiCo’s sustainability commitments and initiatives in the Kingdom. One key area of work has been on increasing water use efficiency in agriculture for the locally-grown potatoes. The company has championed sustainable farming practices in the Kingdom such as drip irrigation and other practices to reduce agricultural water consumption.
As Saudi Arabia assumes the Presidency of the G20, PepsiCo is looking to support the Safeguarding the Planet. Mr. Laguarta outlined the company’s sustainable plastics vision, which is to build a world where plastic packaging need never become waste. The company is advancing this goal by reducing, recycling and reinventing its plastic packaging. To achieve this vision, PepsiCo is working closely with global partners and local stakeholders to develop a circular economy for plastics. For example, in Saudi Arabia, PepsiCo has worked with its partners to create “plastic waste free” events for the Formula-E races and Dakar Rally.
Attracting private sector companies is key to Saudi Arabia’s continued economic growth, and SAGIA has made significant progress in rolling out a comprehensive program to make investment opportunities more accessible.
In its latest Investment Highlights report, SAGIA announced that 2019 marked a record year for foreign investment in Saudi Arabia, with more than 1,100 new international companies establishing operations in the Kingdom in 2019 – 54 per cent more than in 2018 and three times more than in 2017. It was also revealed that in the first nine months of 2019, FDI in Saudi Arabia grew 10 per cent compared to the previous year.
This growth reflected the strong momentum generated by a broad series of economic reforms which saw the Kingdom ranked the world’s top improver and reformer by the World Bank, climbing 30 places in the World Bank’s Doing Business 2020 report – more than any other country.
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